Question

an individual who holds legal control of assets in a trust account is known as which of the following?
○ beneficiary
○ dependent
○ claimer
○ controller
3
multiple answer 3 points
select all of the following choices which are meant to store money intended for daily expenses.
□ checking accounts
□ savings accounts
□ loan accounts
□ credit accounts

Explanation:

• Checking accounts: Designed for daily transactions and storing money for daily expenses (e.g., paying bills, buying groceries).
• Savings accounts: Primarily for saving, but can also be used to store money for short - term daily expense needs (though less transaction - focused than checking, still holds money for expenses).
• Loan accounts: These are for borrowing money, not storing money for daily expenses.
• Credit accounts: Used for borrowing (e.g., credit cards) to spend, not for storing money intended for daily expenses.

Answer:

A. Checking accounts, B. Savings accounts